Mwanga Hakika Bank shareholders welcome a 53% profit surge

By Alfred Zacharia

Shareholders of Mwanga Hakika Bank (MHB) gathered in Mwanga on May 31, 2025, for their Annual General Meeting (AGM), approved of the Bank’s 2024 financial results and the bank’s strategic plan.

The meeting brought together Shareholders, Board members, Regulators, and Bank staff to reflect on a successful year.

In the meeting, shareholders celebrated a 53 percent rise in profit, from TZS 6.5 billion in 2023 to TZS 9.9 billion in 2024. The growth shows the Bank is performing well and creating more value for its investors.

The Chairman of Mwanga Hakika Bank, Mr. Ridhuan Mringo, presented the bank’s performance with the strategic plan for this year, also used the moment to honor one of the Bank’s founders, the late Mr. Cleopa David Msuya.  

He reminded the audience that Msuya was more than just a founder, he was a builder of Mwanga community which is now Mwanga Hakika Bank after the merger of Mwanga Community, Hakika Microfinance and EFC.

He helped bring together over 5,000 local investors to start the Bank. He also supported education, small business loans, and digital innovation to help underserved communities.

One of the key achievements presented at the AGM was the bank’s strong performance for the year 2024.

Addressing the shareholders, the Bank’s Head of Finance, Mr. Chomete Abdallah Hussein, shared more financial highlights. The Bank’s operating profit after tax went up by 46 percent to TZS 14.6 billion.

This growth was supported by increases in both interest income and non-interest income. The Bank’s customer deposits rose by 51 percent to TZS 214.8 billion, and total assets grew by 56 percent to TZS 324.9 billion.

MHB also kept its non-performing loans below 1 percent, much lower than the national limit of 5 percent. This means the Bank is managing risks well and lending responsibly.

Mr. Hussein also said the Bank had strengthened its capital base by increasing paid-up capital from TZS 17 billion to TZS 26 billion. Shareholders’ equity rose to TZS 48.3 billion.

So far in 2025, the Bank is continuing to perform well. In the first quarter alone, profits before tax reached TZS 4.1 billion, a 10.9 percent increase compared to the same period last year. Customer deposits, loans, and total assets have also continued to grow strongly.

Mr. Projest Massawe, who leads Corporate Banking at MHB, said “the Bank is working hard to meet the needs of its customers.

He mentioned that MHB is now offering more support, individual customers, employees, businesses and farmers through lending products and digital tools. 

Our role in the economy is clear, we are here to support Tanzanian as they build businesses and create jobs, thus MHB is ready to walk with them in very step.

One shareholder who attended the AGM shared their excitement: “I feel proud to be part of MHB. Seeing my shares grow in value and the Bank going digital gives me real confidence in the future.”

As the meeting ended, the Chairman reminded everyone of MHB’s roots “This Bank was built by the people and we’re here to serve communities and stay true to the values,” Mringo said.

Looking ahead, MHB is focused on expanding its services and using technology to reach more people.